Olivia just graduated with an Associates degree and is working as a secretary in a firm earning 9.75 an hour. Her contract stipulates that she will get an annual rasie of 6% until she reaches the rate of $15.50 an hour. sheshow long would it take for Olivia to earn $15.50 an hour? math

Question

Mathematics

Brennen Maddox

13 September, 03:05

Olivia just graduated with an Associates degree and is working as a secretary in a firm earning 9.75 an hour. Her contract stipulates that she will get an annual rasie of 6% until she reaches the rate of $15.50 an hour. sheshow long would it take for Olivia to earn $15.50 an hour? math

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Katelynn Wallace · Answer 1

Answer: In about 8 years, she will reach the rate of $15.50

This is an exponential equation. We could write and solve the equation below to find the answer.

9.75 (1.06) ^x = 15.5

(1.06) ^x = 15.5/9.75 Divide both sides by 9.75

x (log (1.06)) = log (15.5/9.75) Take the log of both sides and bring down the x.

x = log (15.5/9.75) / log (1.06) Divide both sides by log (1.06)

x = 7.956

Therefore, we can round it up to 8 years.